Leases (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Leases [Abstract] |
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| Schedule of Balance Sheet Information Related to Leases |
Balance sheet information related to leases consisted of the following for the periods presented:
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As of |
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Classification |
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December 31, 2024 |
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December 31, 2023 |
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Assets |
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Operating |
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Operating right of use assets, net |
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$ |
924,896 |
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$ |
833,547 |
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Finance |
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Property and equipment, net |
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12,344 |
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13,315 |
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Total lease assets |
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$ |
937,240 |
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$ |
846,862 |
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Liabilities |
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Current: |
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Operating |
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Current maturities of operating lease liability |
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$ |
48,986 |
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$ |
43,979 |
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Finance |
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Current maturities of finance lease liability |
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804 |
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746 |
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Long-term: |
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Operating |
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Operating lease liability |
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890,613 |
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809,409 |
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Finance |
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Financing lease liability |
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13,262 |
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14,033 |
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Total lease liabilities |
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$ |
953,665 |
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$ |
868,167 |
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| Summary of Components of Total Lease Cost |
Components of total lease cost, net, consisted of the following for the periods presented:
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Year Ended December 31, |
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2024 |
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2023 |
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Operating lease expense(a) |
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$ |
112,647 |
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$ |
102,422 |
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Finance lease expense: |
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Amortization of lease assets |
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1,006 |
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1,005 |
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Interest on lease liabilities |
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1,036 |
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1,087 |
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Short-term lease expense |
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203 |
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52 |
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Variable lease expense(b) |
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22,185 |
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18,141 |
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Total lease expense |
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$ |
137,077 |
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$ |
122,707 |
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(a)Operating lease expense includes an immaterial amount of sublease income and is included in other store operating expenses and general and administrative expenses in the accompanying consolidated statements of operations.
(b)Variable lease costs consist primarily of property taxes, property insurance, and common area or other maintenance costs for our leases of land and buildings and is included in other store operating expenses in the accompanying consolidated statements of operations.
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| Summary of Supplemental Information of Leases |
The following includes supplemental information for the periods presented:
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Year Ended December 31, |
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2024 |
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2023 |
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Operating cash flows from operating leases |
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$ |
108,492 |
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$ |
100,586 |
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Operating cash flows from finance leases |
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$ |
1,036 |
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$ |
1,087 |
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Financing cash flows from finance leases |
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$ |
748 |
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$ |
668 |
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Operating lease ROU assets obtained in exchange for lease liabilities |
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$ |
141,139 |
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$ |
101,861 |
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Finance lease ROU assets obtained in exchange for lease liabilities |
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$ |
57 |
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$ |
— |
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Weighted-average remaining operating lease term |
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13.94 |
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13.86 |
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Weighted-average remaining finance lease term |
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14.80 |
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15.57 |
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Weighted-average operating lease discount rate |
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8.10 |
% |
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8.06 |
% |
Weighted-average finance lease discount rate |
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7.33 |
% |
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|
7.33 |
% |
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| Schedule of Lease Obligation Maturities |
As of December 31, 2024, lease obligation maturities were as follows:
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Fiscal Year Ending: |
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Operating Leases |
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Finance Leases |
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2025 |
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$ |
119,215 |
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$ |
1,783 |
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2026 |
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118,855 |
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1,809 |
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2027 |
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115,219 |
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1,835 |
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2028 |
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109,052 |
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1,856 |
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2029 |
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108,701 |
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1,575 |
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Thereafter |
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1,047,969 |
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16,850 |
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Total future minimum obligations |
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$ |
1,619,011 |
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$ |
25,708 |
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Present value discount |
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(679,412 |
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(11,642 |
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Present value of net future minimum lease obligations |
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$ |
939,599 |
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$ |
14,066 |
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Current portion |
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(48,986 |
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(804 |
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Long-term obligations |
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$ |
890,613 |
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$ |
13,262 |
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